caa a22 4500 445359757 CHVBK 20180317142911.0 cr unu---uuuuu 170323e20111201xx s 000 0 eng 10.1007/s10100-011-0193-8 doi (NATIONALLICENCE)springer-10.1007/s10100-011-0193-8 Financial valuation of investments in future power generation technologies: nuclear fusion and CCS in an emissions trading system [Elektronische Daten] [Heinz Klingelhöfer, Peter Kurz] This paper outlines a model approach for the financial valuation of future power generation technologies, such as nuclear fusion or carbon capture and storage (CCS) under an emissions trading regime. Since on imperfect markets, interdependencies between decisions inhibit the isolated valuation of an investment, we use simultaneous calculation of optimal production, sales and investment programs; these are subject to the constraints and conditions characteristic for investments in low- and zero-carbon technologies such as fusion and CCS. Duality theory allows to derive, identify and economically interpret the determinants for the price ceiling as (corrected) net present values. Sensitivity analysis shows how changes in the technical specification or environmental policies affect the maximum payable price. Particularly, tradable permits have several effects on low-carbon investments and do not always encourage CO 2 abatement. While a zero-emissions technology like fusion always profits from a tightened emissions trading scheme, for low-carbon technology like CCS—in particular cases—this may even be counterproductive from an economic as well as an environmental point of view. Springer-Verlag, 2011 Energy nationallicence Emissions trading nationallicence Fusion nationallicence Carbon capture and storage nationallicence Investment analysis nationallicence Klingelhöfer Heinz Tshwane University of Technology, Private Bag X680, 0001, Pretoria, South Africa aut Kurz Peter Universität Greifswald, Friedrich-Loeffler-Str. 70, 17489, Greifswald, Germany aut Central European Journal of Operations Research Springer-Verlag 19/4(2011-12-01), 415-438 1435-246X 19:4<415 2011 19 10100 https://doi.org/10.1007/s10100-011-0193-8 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10100-011-0193-8 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Klingelhöfer Heinz Tshwane University of Technology, Private Bag X680, 0001, Pretoria, South Africa aut NATIONALLICENCE 700 1- Kurz Peter Universität Greifswald, Friedrich-Loeffler-Str. 70, 17489, Greifswald, Germany aut NATIONALLICENCE 773 0- Central European Journal of Operations Research Springer-Verlag 19/4(2011-12-01), 415-438 1435-246X 19:4<415 2011 19 10100 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer